STAND. COM. REP. NO. 1806

Honolulu, Hawaii

RE:    S.C.R. No. 71

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

Madam:

     Your Committee on Ways and Means, to which was referred S.C.R. No. 71 entitled:

"SENATE CONCURRENT RESOLUTION ESTABLISHING A LEGISLATIVE INTERIM TASK FORCE TO STUDY AND MAKE RECOMMENDATIONS FOR THE CREATION OF UNIVERSAL CHILDREN'S SAVINGS ACCOUNTS,"

begs leave to report as follows:

     The purpose of this Concurrent Resolution is to establish a legislative interim task force to study and make recommendations regarding the creation of universal children's savings accounts.

     Comments in support of this measure were received from 3Point and the Hawaii Alliance for Community-Based Economic Development.

     Your Committee finds that an asset building financial system for families would help to create financial security against difficult times, provide economic opportunities, and leave a legacy for future generations.  Your Committee also finds that a universal children's savings account would help a family start saving at birth for their child's future and that over time, the asset could be used for education, home ownership, business, retirement, or other stated purposes.

     Your Committee finds that the establishment of universal children's savings accounts would not only help provide economic opportunity for more people, particularly for those with no assets, but would also serve as a vehicle for savings and a learning tool for children and parents to learn the value of savings and investments.

     As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee concurs with the intent and purpose of S.C.R. No. 71 and recommends its adoption.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

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ROSALYN H. BAKER, Chair